SAN
DIEGO, Dec. 20, 2024 /PRNewswire/ -- Avidity
Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company
committed to delivering a new class of RNA therapeutics called
Antibody Oligonucleotide Conjugates (AOCs™), today announced that
on December 20, 2024, the Human Capital Management
Committee of Avidity's Board of Directors granted non-qualified
stock option awards to purchase an aggregate of 720,400 shares of
its common stock and 276,200 restricted stock units ("RSUs") to
thirty-seven (37) new non-executive employees under the Avidity
Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan
(the "2022 Inducement Plan"). The awards were granted as
inducements material to the employees entering into employment with
Avidity in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2022 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Avidity, or following a bona fide period of non-employment, as an
inducement material to such individuals' entering into employment
with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $31.82 per share, which is equal to the closing
price of Avidity's common stock on The Nasdaq Global Market
on December 20, 2024, or the vesting commencement date. The
shares subject to the stock options will vest over four years, with
25% of the shares vesting on the one-year anniversary of the
vesting commencement date and the balance of the shares vesting in
a series of 36 successive equal monthly installments thereafter,
subject to each employee's continued employment with Avidity on
such vesting dates. The RSUs will vest in four equal installments
on the first four anniversaries of the vesting commencement date,
subject to each employee's continued employment with Avidity on
such vesting dates. The awards are subject to the terms and
conditions of the 2022 Inducement Plan and the terms and conditions
of a stock option agreement or RSU agreement, as applicable,
covering the grant.
About Avidity
Avidity Biosciences, Inc.'s mission is
to profoundly improve people's lives by delivering a new class of
RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™).
Avidity is revolutionizing the field of RNA with its proprietary
AOCs, which are designed to combine the specificity of monoclonal
antibodies with the precision of oligonucleotide therapies to
address targets and diseases previously unreachable with existing
RNA therapies. Utilizing its proprietary AOC platform, Avidity
demonstrated the first-ever successful targeted delivery of RNA
into muscle and is leading the field with clinical development
programs for three rare neuromuscular diseases: myotonic dystrophy
type 1 (DM1), Duchenne muscular dystrophy (DMD) and
facioscapulohumeral muscular dystrophy (FSHD). Avidity is also
advancing two wholly-owned precision cardiology development
candidates addressing rare genetic cardiomyopathies. In addition,
Avidity is broadening the reach of AOCs with its advancing and
expanding pipeline including programs in cardiology and
immunology through key partnerships. Avidity is headquartered
in San Diego, CA. For more
information about our AOC platform, clinical development pipeline
and people, please visit www.aviditybiosciences.com and engage
with us on LinkedIn and X.
Investor Contact:
Kat Lange
(619) 837-5014
investors@aviditybio.com
Media Contact:
Di
Andrews
(619) 837-5016
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.
